An Essex and Suffolk estate and letting agent has said the Chancellor’s Budget squeezed private landlords and did not go far enough to help first-time buyers. In a statement issued on 28 October, Boydens set out its reaction to the measures, raising concerns about the private rental sector, the supply of new-build homes and the wider process of buying and selling property.
01Concerns over tax on property income
Philip Boyden, Managing Director of Boydens, said: “The Budget disproportionately squeezes private landlords while offering narrow, restricted interventions for prospective homebuyers.”
Turning to the tax changes affecting rental income, he said: “The introduction of another 2% tax increase on property income (bringing rates to 24%, 42%, and 47% by April 2027), confirms an ongoing pattern of targeting the private rental sector.”
Mr Boyden also linked the extra tax to wider regulation of the sector, warning of consequences for tenants as well as landlords. He said: “The additional tax burdens, combined with the escalating regulatory environment with the introduction of the Renters’ Rights Act, will inevitably push rental prices higher and force landlord exits.”
02First-time buyers and new-build supply
The agency welcomed support for people trying to buy their first home, but questioned whether the measures would reach enough buyers. Mr Boyden said: “We welcome the announcement of help with first-time buyer deposits but are concerned that there will not be sufficient suitable new-build properties for buyers to choose from. We would call for this support to be extended to existing housing stock.”
Affordability for those hoping to get onto the ladder has been a recurring subject for the sector, and PAD has previously covered research into how few earners can afford the average home.
03Calls to keep the market moving
Boydens also said it had hoped for measures aimed at the transaction process itself. Paul Buck, Boydens’ Director of Sales and Lettings, said: “We wanted more practical help to keep people moving with faster progress on the buying and selling process.”
Mr Buck also set out further areas where the agency would like to see support. He said: “There also needs to be more measured stamp duty help, support for downsizing and clear grant access for 2030 EPC energy-efficiency upgrades.”
His comments touch on how and why households move home, a theme explored in our look at short-range relocations shaping the British property market. The agency’s call for clear grant access relates to energy-efficiency upgrades, which it linked to EPC requirements.
Boydens, which has offices in Colchester, Kelvedon, Frinton-on-Sea and Sudbury, said in October that it is celebrating its 60th anniversary this year.
Details and image via Boydens.
